Mumbai: Post the lull period that lasted through the Pandemic phase, export-oriented businesses in our country are exhibiting a continuous growth pattern, averred Minister of State for Finance Dr. Bhagwat Karad. Speaking in terms of exports revenues crossing a milestone, the minister said, “Our economy is rebounding.” He was speaking at the “Banking Conclave for Exports” that was jointly hosted by Federation of Indian Exports Organizations (FIEO) and Union Bank of India, at the country’s financial hub, Mumbai.
Exuding confidence on the exports count, Dr. Karad informed the attendees that within the first eight months of 2021-22 the export earnings had touched USD 233 billion. “This happens to be a near 54% growth over the previous years’ corresponding earnings,” he added. Touching on the main sectors that led to the expansion of our country’s export basket, the minister disclosed, “It mainly comprised engineering goods, gems and jewelry, electronics, chemicals and pharmaceuticals.” He also sounded an exhorting note, stating, “Our Prime Minister Narendra Modi has set an USD 400 billion target for exports in the current fiscal year.”
The minister also dwelt on the Centre’s bid to boost exports in the manufacturing sector by means of its Production Lead Incentive Scheme (PLIS). “Besides this umbrella scheme that promotes 13 high growth potential sectors, our government has also extended an INR 4.5 lakhs crore stimulus package under the Emergency Credit Line Guarantee Scheme (ECLGS) intended to help the industrial sectors that were severely disadvantaged owing to the pandemic phase,” Dr. Karad added.
“Our banking regulator, RBI has enhanced the limit for classification of export credit under priority sector lending, by elevating it from INR 25 crores to INR 40 crores,” the minister added. This was amidst speakers from Mumbai’s Banking Conclave laying stress on the role of banks as catalysts to growth in the country’s export earnings.
-global bihari bureau
